Is Now A Good Time To Leave Your Job?

Unfortunately, there is no magic formula to help you decide whether or not now is a good time to leave your job. However, leaving your job for a new one is a leap of faith so it’s only natural to question whether or not now is the right time. It’s always a good idea to at least consider the state of the economy before making any big decisions. So, where are we right now?

Before Christmas 2022, it looked almost certainly like the world was hurtling headlong into a deep, dark recession. However, to economists’ surprise, the UK economy actually grew in November.

Despite that, the tech sector has already made 60,000 redundancies, and businesses are struggling to stay afloat due to the energy crisis. In such an uncertain climate, it’s understandable that you might feel hesitant about leaving your current job. Maybe all the media hype about economic decline has encouraged business owners to take the necessary action to avoid it. On the other hand, maybe it was just a blip, and the worst is yet to come.

The truth is, none of us has a crystal ball. Therefore it’s important to keep in mind that the economy is always fluctuating and that, eventually, things will improve. So, if you’re considering embarking on a job hunt, it’s important to weigh the pros and cons carefully. If you’re certain the time is right, you will find that there are companies out there still hiring tech talent, even if we do go into a recession.

Questions to Help You Decide Whether Now is a Good Time to Leave Your Job

Below are a few questions to ask yourself that will help you decide whether now is a good time to leave your job. Answering these questions can help you decide whether or not now is the right time.

1. Is Your Job The Problem?

Sometimes, factors outside of our work situation can affect our job satisfaction. For example, a long commute, childcare arrangements, or health. These factors can impact our ability to do our job, which in turn can affect our mental health.

Ask yourself whether you enjoyed your job before these things became an issue. If so, it might be worth chatting with your manager about flexible working before you decide to jump ship.

How about discussing reducing your hours from full-time to part-time? Or if you can’t afford to take that much of a pay cut, how about rejigging your hours to achieve a better work-life balance?

2. Are You Being Paid What You’re Worth?

If you don’t feel like you’re being paid what you’re worth, yes, you could look for a higher-paying job, but is that really the answer?

Assess your skills and experience and the tasks you do day to day. Next, look at the job boards to find out what other employers offer someone with your level of expertise. Leaving isn’t your only option if you’re being paid significantly less than your worth.

Changing jobs every time you want a pay rise can tarnish your reputation. Instead, make a list of the reasons why you think you deserve a pay rise and have a conversation with your boss about it. Use facts and figures to back up your argument. For example, you may have made changes to your company’s website that increased traffic by 600% last year.

Many companies do not award employees pay raises unless employees ask for them, so it’s worth a try. If, after having the conversation, your manager doesn’t think you’re worthy of a pay rise, then it may be time to look for something else. If you decide to leave at this point, going through this thought process will give you something to talk about during a job interview.

3. What are your career goals?

Do you have a clear idea of what you want to do next? If you’re unsure of your long-term ambitions, now may not be the best time to move. You should have at least a rough plan for your next career move before you quit.

Very few people know what their dream job looks like, so try not to focus too much on a job title. Instead, consider what kind of work environment you would feel happy in and the kind of work you would feel comfortable doing.

For example, some individuals thrive in a fast-paced environment where they are rewarded for beating given targets. Other people suffer immense workplace stress and prefer a more laid-back company culture.

Moving jobs with no clear plan in mind could leave you in a worse position and have to switch jobs again.

4. Do You Have Another Job Lined Up?

Even if you hate your job, it’s always best to have another job lined up before you leave your current one. That way, you’re not quitting without a safety net. Even if you’re not 100% sure about the new job, it’s better to have something in place than to quit without a plan.

5. Are you Financially stable?

Leaving your job can be a huge financial risk. Therefore, it’s wise to ensure you have enough savings to cover your expenses for at least a few months before quitting. Or at least pay off your debts if you have any. You don’t want to be in a position where if things don’t work out, you’re left desperate for money, and have to take the first job that comes along.

6. Are you prepared to deal with the consequences?

Quitting your job can have other consequences. For example, you may not be able to get a mortgage for six months. Or if you have a mortgage, you’ll need to make sure you can still make your payments if you’re not working. Think about the potential consequences of leaving your job before deciding.

7. Is There Anything Holding You Back?

Once you’ve decided to leave, think about your next steps. How many weeks’ notice do you have to give? Can you maintain a positive mindset while working your notice period? Are you worried about what your boss or co-workers will think? Are you afraid of change? Don’t do it if you’re not ready to leave your job. There’s no shame in staying at a job that you’re not 100% happy with. 

When considering this last question, keep in mind that most companies these days conduct exit interviews. Employers should use this as an opportunity to improve their employer brand. Although many use it as an excuse to make you a counteroffer.

Therefore once you decide to leave your job and hand in your resignation letter, you must put as much effort into preparing for your exit interview as you did in preparation for your new job interview. Employers often put immense pressure on their employees to accept their counteroffer. Refusing that offer can make working your notice period incredibly awkward, but accepting one can do untold damage to your career.

A Few Final Thoughts on Whether Now is The Right Time to Leave Your Job

Ultimately, only you can decide whether now is the right time to leave your job. The above questions should help you clarify your thoughts and make a decision. As far as the economy is concerned, there will always be good times and bad times. We never truly know how good or bad those times are until we look back through the passage of time.

If you’re unhappy in your present situation and another employer is offering the salary you deserve, for someone with your skills and talent, maybe the time is right to start your job search. However, in times of economic difficulty, finding a job is not as easy as when business is booming. The recruitment process often takes longer, and hiring managers can be pickier.

If you are considering changing jobs during uncertain times, having a good recruitment consultant on your side can help you secure a new position much more quickly than you could by going it alone. Working with recruitment consultants costs job seekers nothing; the employer pays the fee.